Twenty-six percent of renters have moved into a new abode in the past 12 months. So, if you're looking for a tenant for your rental property, you're not the only one.
Learning how to find tenants for a rental property is tough for new landlords. How do you screen and select the right person to live in your apartment or home? Here are our three best tips for doing so.
1. Make Sure Your Property Looks Its Best
You won't attract the best tenants without having the best property. So, evaluate your space before you put it on the market. Is it as good as it could be?
Tenants want your property to be move-in ready, with appliances included. Small upgrades can make a big difference — so, updating the hardware in the kitchen or adding a backsplash can make the space look fresh. And that will make a huge impression on potential renters.
So, start by revamping your abode if it needs a refresh. From there, focus on finding the best tenant to fill a space that is just as good as they are.
2. Ask Around
Next, you may be able to find the best tenants by asking family and friends if they know someone looking to rent. This is a great tactic because you get a reference and a tenant all in one. Normally, you'd have to find a tenant, then do referencing to ensure they're right for your property.
Of course, you will still have to do some follow-up. But having a reference from someone you trust is a much more trustworthy way of finding tenants. You might even consider offering a finder's reward to help you fill your property, incentivizing those you know to help you fill your abode with new tenants.
3. Create an Application
Another way to pre-screen tenants is to create a rental application to learn more about the people who want to move. It's a great way to find out if you will be able to collect rent from them. But you can also learn about their families, pets, and lifestyles that could make them a good fit for your property.
You may also consider doing a background check on your new tenant. Some states allow you to do this with a nonrefundable fee, which is a roundabout way of filtering out candidates. If they can't pay for a $25 to $50 background check, they might not be the right fit for your rental.
These methods are better than interviewing potential tenants. Yes, you can tell a lot about a person from meeting them. But it's easier to put on a responsible, respectful persona than it is to pass a background check and application process.
How to Find Tenants For a Rental Property? Follow Your Instinct
The above steps are important in your quest to learn how to find tenants for a rental property. However, the best thing to do is to follow your instinct. You'll know who you click with and who has the best application — choose them, and you can't go wrong.
If you need help with property management, we're experts in the field. Click here to contact us today, whether you're a property owner or a tenant in search of the perfect home.